Annuities

Annuities

An annuity is a regular pension or income paid to a member upon retirement. CBZ Life offers both Life (or Guaranteed) annuities and Living Annuities. A life annuity is payable for the entire life of the pensioner subject to a guarantee period. Life annuities can be level or increasing depending on the choice of the retiring member. The retiring member can choose to receive the pension monthly, quarterly or annually.

On the other hand Living annuities provide the retiring member the flexibility to choose their income each year (subject to regulatory limits) and where their money is invested.